I have used mostly high flange hubs for years, but have had my share of low flange ones too. The high flange variety have only advantage I have ever been aware of: They look better. The possible disadvantage they have is pretty limited to one thing, too, far as I have seen: They cost more. As far as what you call them, it is a tempest in a tea pot. The only thing is that in abbreviating large flange to LF one can cause confusion. Does one really need to abbreviate?
Seeking the simple life,
Tom Sanders
Lansing, MI USA